Rich Americans are opting for a ‘Second Passport’; Here’s why the citizens want to leave US, explained

Amid the pandemic wave, Americans have shifted their thoughts to a second option to have a second passport with them to ease their movements across the world. During the pandemic time, a number of Americans were informed that they were not allowed to enter European premises unless they have a strong passport. 

For this reason, a number of wealthy Americans are applying for citizenship or residency in foreign countries and over the past few years, many have applied for it, The Business Insider reported.

America, being the country with the highest demand for citizenship, futuristic developments, and attractions to bring immigrants, a land of promises has seen itself as losing faith in its promises. A new report from a group of citizenship brokers says that the rich Americans are working on a plan B where they want to go for an option of a second passport called, Golden America. Over the past few years, over 300% of ultra-rich Americans want to have a second passport to travel to other countries because of the political turmoil in the US.

Americans want to go to safer countries, and the reasons they cite are the deteriorating political climate in the country, the future of society, tax rules, hate crimes, and civil wars. One of the other points to be noted for the move is the Covid-19 outbreak. During the pandemic time, none of the Americans were allowed to enter Europe despite their readiness to give away a huge amount in return. 

In this situation, the rich men thought about another passport to get the benefit their families also in case of another global health crisis. Many are having doubts regarding the working procedure of this second passport. How do one avail of a second citizenship passport? They do this with the Citizenship by Investment programs. 

CIP- Citizenship by Investment programs

According to La Vida Golden Visas, 15 countries scattered across Europe and Caribean offer citizenship by investment programs, otherwise known as “Golden Passports” or “Golden Visas”. As per the report, the top programs of second passports grant citizenship to foreigners who invest millions of dollars in the country. However, the minimum investment a foreigner should remit is between $100,000 to $9.5 million, depending upon the country. 

The kind of investments comprises real estate, enterprise projects, and donations to the country’s national fund. Portugal, Dominica, Bulgaria, Antigua & Barbuda are some of the countries offering citizenship to foreigners who invest money in the country. Portugal is a country that offers great citizenship and passport to foreigners. 

Read Also: US presidential commission votes to process Green Card applications to Indian-Americans within 6 months

Portugal’s “golden visa” requires a minimum investment of slightly over $200,000. Portugal’s 5-year residence permit is in demand for Americans to have citizenship. If foreigners pay over $200,000 investment to Portugal, in return the country will offer an average stay of seven days a year in the country and along with that, it offers visa-free travel to 26 countries. When the permit expires, residents can then apply for full-time citizenship, which can take an additional three years. 

However, these movements arise doubts that the people in the land of opportunities themselves are moving to safer places and it is a paradox to the movement of people across the country to travel to the melting part of culture-the US.